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Household incomes: consumer demand and savings in 2023

Author

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  • Olga Izryadnova

    (Gaidar Institute for Economic Policy)

Abstract

The persisting shortage of personnel restrains processes of alignment of labor productivity dynamics with growth of wages, slowing down the process of convergence of labor supply opportunities and the level of consumer demand. Shortage of employees resulted in acceleration of wage growth in most types of economic activities as one of the most affordable factors for retaining staff. To retain staff and compensate for the shortage of engineers and workers, companies raised salaries, offered attractive social packages, improved working conditions, and introduced training programs. However, emergency measure aimed to fix the personnel deficit by increasing salaries was hindered by stagnating labor productivity, including due to the lack of qualification skills and competencies. Addressing a systemic problem of balanced functioning of labor market is long-lasting and is determined by duration of training of qualified engineering, managerial and working personnel in the implementation of innovation-technological and organizational-management programs to improve the efficiency of labor use.

Suggested Citation

  • Olga Izryadnova, 2024. "Household incomes: consumer demand and savings in 2023," Published Papers ppaper-2024-1331, Gaidar Institute for Economic Policy, revised 2024.
    • Handle: RePEc:gai:ppaper:ppaper-2024-1331
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    File URL: https://www.iep.ru/files/RePEc/gai/ppaper/ppaper-2024-1331.pdf
    File Function: Revised Version, 2024
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    More about this item

    Keywords

    Russian economy; households; income; poverty;
    All these keywords.

    JEL classification:

    • I30 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being

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